Total revenue was down 37 per cent in the half and production was down 36 per cent
ERA shares dive on news of 82% profit plunge, Sydney Morning Herald,, July 30, 2010 Shares in uranium producer Energy Resources of Australia have opened more than 5 per cent weaker, after the miner revealed a first half profit plunge.
The Rio Tinto majority-owned company opened at $13.55, down 79 cents, or 5.5 per cent, on yesterday’s closing price of $14.34.
Prior to the start of trade, ERA revealed its first half profit had fallen 82 per cent, to $22.7 million from $127.6 million in the prior corresponding half……..
ERA, which exports uranium oxide to nuclear utilities in Asia, Europe and North America, also reduced its guidance for annual production of uranium oxide to between 4,300 and 4,700 tonnes.
Previously the company had said 2010 production was expected to be broadly in line with 2009, when 5,240 tonnes were produced.
Sales of uranium oxide were down 38 per cent in the first half of fiscal 2010, to $209.6 million from $336.1 million in the equivalent period of 2009.
Total revenue was down 37 per cent in the half and production was down 36 per cent. Energy resources of Australia | ERA profit plunges 82%